Benchmark indices were trading on a negative note in early deals today. The 30-share Sensex fell 195 points to 65,587 and Nifty lost 46 points to 19,480
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “Often, stock markets are impacted by unexpected events. When market valuations are high, the sell-off will be sharp. This was what happened in global markets after the Fitch downgrade of the US credit rating. Now, the important question from the market perspective is whether this will impact the fundamental factors driving the rally in global markets. The answer is no. The US economy’s soft landing narrative, that is driving the ongoing global rally, is intact and getting stronger. GDP growth in US is strong and inflation is coming down.”
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Shares of CE Infosystems gained over 3% to fresh 52 week high of Rs 1558.30 on BSE. CE Infosystems market cap rose to Rs 8333.52 crore. Total 8839 shares of the firm changed hands amounting to a turnover of Rs 1.35 crore on BSE
Shares of Mankind Pharma Ltd rose over 9% in early deals after the pharma firm reported a 66% year-on-year (YoY) rise in net profit for the June 2023 quarter. Net profit climbed to Rs 494 crore in Q1 against Rs 298 crore profit in the corresponding quarter of the previous year. Mankind Pharma shares rose 9.24% to Rs 1900.15 against the previous close of Rs 1739.20 on BSE
Shares of Adani Enterprises were trading over 1% higher at Rs 2509 as the flagship firm of Adani Group will announce its earnings for the quarter ended June 2023. On Wednesday, Adani Enterprises shares ended 0.31% lower at Rs 2473.30 against the previous close of Rs 2481 on BSE
Shares of budget carrier IndiGo fell over 4% to Rs 2430.15 in early deals after the firm logged a consolidated net profit of Rs 3,091 crore for the quarter ended June against a loss of Rs 1064 crore in Q1 of last fiscal. Revenue from operations jumped 30% year-on-year to Rs 16,683 crore.
Shares of Bharti Airtel were trading flat at Rs 870.80 as the telco will announce its earnings for the quarter ended June 2023 today. On Wednesday, Airtel shares ended at Rs 877.75 on BSE
Shares of Vedanta slipped over 7% to Rs 247.80 today as Twin Star Holdings, chairman Anil Agarwal-owned promoter entity, will offload a 4.3 per cent stake in the metal and mining firm for nearly $500 million. The proceeds from stake sale will be used to repay debt of parent company Vedanta Resources. The shares are being offered at Rs 258.5 per share, a 5 per cent discount to the Wednesday's closing price of Vedanta Ltd at Rs 272 apiece, according to reports
Shares of JSW Steel were trading flat at Rs 798.30 after the metal major and JFE Steel inked an agreement to establish a 50:50 joint venture company to manufacture cold rolled grain oriented electrical steel products in India
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